WHAT CAN I WRITE

 WHAT MUST I WRITE Essay

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Part 1 . WHAT IS ECONOMICS?

STARTING OUT. Working in groups of three- several, consider the problems below. After you have reached some conclusions, talk about your ideas with all the whole school. 1 . The dictionary specifies economics while " study regarding the production of wealth and the consumption of products and solutions in a culture. " List five economical issues associated with production and consumption that your nationwide or local govВ­ernment has to deal with today. 2 . Steve Maynard Keynes, one of the most powerfulk economists with the twentieth century said, " The tips of economic analysts and political philosophers, both when they are proper and when they can be wrong, are definitely more powerful than is commonly comprehended. Indeed the earth is ruled by small else. " What do you think Keynes meant by this assertion? Do you agree or disВ­agree? Give reasons to support the opinion.

Recognize the goods and services inside the photographs listed below. What qualities do services and goods have in common?

Activity 1 . Work in pairs. Try to explain the difference between these terms: economic system – economics, economic – economical, items – services-product, labour – work, useful resource – center. Activity installment payments on your Read the text and look at your ideas.

The Study of Economics

(Adapted from Economical Considerations, The english language through Content, by Thomas Kral) Economics is about persons and the options they make. More specifically, economics is definitely the study showing how individuals plus the society choose to use limited assets in an effort to gratify unlimited would like. For example , you understand there are things want that you must pay money for. These things are services and goods, and they are a crucial conВ­cern of economics.

You also understand that goods and services don't just happen. They need to be produced in some way. And certain issues called assets are necessary to make them. Finally, you know that you always seem to desire more services and goods than you have enough money to buy or make on your own. This is named the concept of shortage.

Goods and Services

Did you acquire your lunch break at school today, buy food with the grocery store, or buy a magazine, record, or book? Did you ride the bus to school, pay someВ­one to cut hair, fix your automobile, or clean your teeth? If you did some of these things, then you definitely were working with goods and services. Services and goods are products of our economy that fulfill our needs and wishes and have monetary value. Goods will be tangible goods. This means they can be physically touched. Hammers, cars, soda pop, garments, computers, and bicycles will be exВ­amples of goods. Services happen to be intangible goods. This means they can be actually touched. For instance , servВ­ices are provided by restaurants, dry washing busiВ­nesses, theme parks, income tax planning services, accounting services, and movie theaters. Resources

Solutions are all the points used in making goods and services. Fortunately they are called factors of production. They consist of three fundamental types of reВ­sources: normal resources; capital goods and labour. All-natural resources. To an economist, all-natural resources indicate everyВ­thing around the earth that may be in its natural state (another term for this is all-natural resources).. Fossil fuel and oil are organic resources. So are fish within a lake, and the lake on its own; and so are trees and plant life, and the dirt in which they will grow. Time. Labour comes with all the people that work in our economy. This includes a lot of the time and part-time labourers, managers, professional persons, and community employees. Capital goods. Capital goods range from the money needed to start and operate a small business, as well as the merchandise needed to generate other items. Factories, structures, and tools, for example , are considered to be capital...


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